Foreclosure

I decided I should take some time to discuss the dreaded foreclosure.  A lender may foreclose on your home if you fail to meet certain conditions associated with your loan, typically non-payment.  The house may then be sold, and the money gained from the sale goes towards the outstanding balance.  In some jurisdictions, the home owner is still responsible for any outstanding debts, and in some they are not.  Check your local legislation to find out which category your location falls under.  In some areas, foreclosure and sale can occur rather rapidly; while in in others it can take months and in some convoluted cases even years.